SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report : January 16, 2004
(Date of earliest event reported)
Commission File No.: 333-108944-01
Wachovia Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates,
Series 2003-C8
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
54-2135796
54-2135797
54-6593425
(I.R.S. Employer Identification No.)
c/o Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
(Address of principal executive offices) (Zip Code)
(410) 884-2000
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
ITEM 5. Other Events
On January 16, 2004 a distribution was made to holders of Wachovia
Commercial Mortgage Securities, Inc.,Commercial Mortgage Pass-Through
Certificates, Series 2003-C8.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial Mortgage
Pass-Through Certificates, Series 2003-C8, relating to the
January 16, 2004 distribution.
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Wachovia Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates
Series 2003-C8
By: Wells Fargo Bank Minnesota, N.A., as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: January 19, 2004
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial Mortgage
Pass-Through Certificates, Series 2003-C8, relating to the
January 16, 2004 distribution.
EX-99.1
Wells Fargo Bank Minnesota, N.A.
Corporate Trust Services
9062 Old Annapolis Rd
Columbia, MD 21045-1951
Wachovia Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates
Series 2003-C8
For Additional Information, please contact
CTSLink Customer Service
(301) 815-6600
Reports Available on the World Wide Web
@ www.ctslink.com/cmbs
Payment Date: 01/16/2004
Record Date: 12/31/2003
DISTRIBUTION DATE STATEMENT
Table of Contents
STATEMENT SECTIONS PAGE(s)
Certificate Distribution Detail 2
Certificate Factor Detail 3
Reconciliation Detail 4
Other Required Information 5
Cash Reconciliation 6
Ratings Detail 7
Current Mortgage Loan and Property Stratification Tables 8 - 10
Mortgage Loan Detail 11 - 12
Principal Prepayment Detail 13
Historical Detail 14
Delinquency Loan Detail 15
Specially Serviced Loan Detail 16 - 17
Modified Loan Detail 18
Liquidated Loan Detail 19
Depositor
Wachovia Commercial Mortgage
Securities, Inc.
301 South College Street
Charlotte, NC 28288-1016
Contact: Tim Steward
Phone Number: (704) 593-7822
Master Servicer
Wachovia Bank, National Association
8739 Research Drive
URP 4, NC1075
Charlotte, NC 28262
Contact: Timothy S.Ryan
Phone Number: (704) 593-7878
Special Servicer
Clarion Partners, LLC
335 Madison Avenue, 7th Floor
New York, NY 10017
Contact: Bruce G. Morrison
Phone Number: (212) 883-2500
This report has been compiled from information provided to Wells Fargo Bank MN,
N.A. by various third parties, which may include the Servicer, Master Servicer,
Special Servicer and others. Wells Fargo Bank MN, N.A. has not independently
confirmed the accuracy of information received from these third parties and
assumes no duty to do so. Wells Fargo Bank MN, N.A. expressly disclaims any
responsibility for the accuracy or completeness of information furnished by
third parties.
Copyright 2003, Wells Fargo Bank Minnesota, N.A.
Certificate Distribution Detail
Class CUSIP Pass-Through Original Beginning Principal
Rate Balance Balance Distribution
<s> <c> <c> <c> <c> <c>
A-1 929766LV3 3.444000% 164,790,000.00 163,719,079.82 991,468.17
A-2 929766LW1 3.894000% 186,550,000.00 186,550,000.00 0.00
A-3 929766LX9 4.445000% 241,738,000.00 241,738,000.00 0.00
A-4 929766LY7 4.964000% 213,104,000.00 213,104,000.00 0.00
B 929766LZ4 5.030000% 29,227,000.00 29,227,000.00 0.00
C 929766MA8 4.908265% 13,396,000.00 13,396,000.00 0.00
D 929766MB6 4.948265% 28,009,000.00 28,009,000.00 0.00
E 929766MC4 5.028265% 13,396,000.00 13,396,000.00 0.00
F 929766MD2 5.158265% 15,831,000.00 15,831,000.00 0.00
G 929766ME0 5.158265% 12,178,000.00 12,178,000.00 0.00
H 929766MF7 5.158265% 15,831,000.00 15,831,000.00 0.00
J 929766MG5 5.158265% 7,307,000.00 7,307,000.00 0.00
K 929766MH3 5.158265% 6,089,000.00 6,089,000.00 0.00
L 929766MJ9 5.158265% 4,871,000.00 4,871,000.00 0.00
M 929766MK6 5.158265% 2,436,000.00 2,436,000.00 0.00
N 929766ML4 5.158265% 4,871,000.00 4,871,000.00 0.00
O 929766MM2 5.158265% 2,436,000.00 2,436,000.00 0.00
P 929766MN0 5.158265% 12,178,293.84 12,178,293.84 0.00
Z N/A 0.000000% 0.00 0.00 0.00
RI N/A 0.000000% 0.00 0.00 0.00
RII N/A 0.000000% 0.00 0.00 0.00
Totals 974,238,293.84 973,167,373.66 991,468.17
Class CUSIP Interest Prepayment Realized Loss/ Total Ending Current
Distribution Penalties Additional Trust Distribution Balance Subordination
Fund Expenses Level(1)
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 929766LV3 469,873.76 0.00 0.00 1,461,341.93 162,727,611.65 17.29%
A-2 929766LW1 605,354.75 0.00 0.00 605,354.75 186,550,000.00 17.29%
A-3 929766LX9 895,437.84 0.00 0.00 895,437.84 241,738,000.00 17.29%
A-4 929766LY7 881,540.21 0.00 0.00 881,540.21 213,104,000.00 17.29%
B 929766LZ4 122,509.84 0.00 0.00 122,509.84 29,227,000.00 14.28%
C 929766MA8 54,792.59 0.00 0.00 54,792.59 13,396,000.00 12.90%
D 929766MB6 115,496.62 0.00 0.00 115,496.62 28,009,000.00 10.02%
E 929766MC4 56,132.19 0.00 0.00 56,132.19 13,396,000.00 8.64%
F 929766MD2 68,050.41 0.00 0.00 68,050.41 15,831,000.00 7.01%
G 929766ME0 52,347.79 0.00 0.00 52,347.79 12,178,000.00 5.76%
H 929766MF7 68,050.41 0.00 0.00 68,050.41 15,831,000.00 4.13%
J 929766MG5 31,409.53 0.00 0.00 31,409.53 7,307,000.00 3.38%
K 929766MH3 26,173.89 0.00 0.00 26,173.89 6,089,000.00 2.76%
L 929766MJ9 20,938.26 0.00 0.00 20,938.26 4,871,000.00 2.25%
M 929766MK6 10,471.28 0.00 0.00 10,471.28 2,436,000.00 2.00%
N 929766ML4 20,938.26 0.00 0.00 20,938.26 4,871,000.00 1.50%
O 929766MM2 10,471.28 0.00 0.00 10,471.28 2,436,000.00 1.25%
P 929766MN0 52,349.05 0.00 0.00 52,349.05 12,178,293.84 0.00%
Z N/A 0.00 0.00 0.00 0.00 0.00 0.00%
RI N/A 0.00 0.00 0.00 0.00 0.00 0.00%
RII N/A 0.00 0.00 0.00 0.00 0.00 0.00%
Totals 3,562,337.96 0.00 0.00 4,553,806.13 972,175,905.49
Original Beginning
Pass-Through Notional Notional
Class CUSIP Rate Amount Amount
<s> <c> <c> <c> <c>
X-C 929766MP5 0.047148% 974,238,293.84 973,167,373.66
X-P 929766MQ3 0.872919% 800,952,000.00 800,952,000.00
Ending
Interest Prepayment Total Notional
Class CUSIP Distribution Penalties Distribution Amount
<s> <c> <c> <c> <c> <c>
X-C 929766MP5 38,236.00 0.00 38,236.00 972,175,905.49
X-P 929766MQ3 582,638.41 0.00 582,638.41 800,952,000.00
<FN>
(1) Calculated by taking (A) the sum of the ending certificate balance of all
classes less (B) the sum of (i) the ending certificate balance of the designated
class and (ii) the ending certificate balance of all classes which are not
subordinate to the designated class and dividing the result by (A).
</FN>
Certificate Factor Detail
Realized Loss/
Beginning Principal Interest Prepayment Additional Trust Ending
Class CUSIP Balance Distribution Distribution Penalties Fund Expenses Balance
<c> <c> <c>
A-1 929766LV3 993.50130360 6.01655543 2.85134875 0.00000000 0.00000000 987.48474816
A-2 929766LW1 1,000.00000000 0.00000000 3.24500000 0.00000000 0.00000000 1,000.00000000
A-3 929766LX9 1,000.00000000 0.00000000 3.70416666 0.00000000 0.00000000 1,000.00000000
A-4 929766LY7 1,000.00000000 0.00000000 4.13666665 0.00000000 0.00000000 1,000.00000000
B 929766LZ4 1,000.00000000 0.00000000 4.19166661 0.00000000 0.00000000 1,000.00000000
C 929766MA8 1,000.00000000 0.00000000 4.09022021 0.00000000 0.00000000 1,000.00000000
D 929766MB6 1,000.00000000 0.00000000 4.12355386 0.00000000 0.00000000 1,000.00000000
E 929766MC4 1,000.00000000 0.00000000 4.19022021 0.00000000 0.00000000 1,000.00000000
F 929766MD2 1,000.00000000 0.00000000 4.29855410 0.00000000 0.00000000 1,000.00000000
G 929766ME0 1,000.00000000 0.00000000 4.29855395 0.00000000 0.00000000 1,000.00000000
H 929766MF7 1,000.00000000 0.00000000 4.29855410 0.00000000 0.00000000 1,000.00000000
J 929766MG5 1,000.00000000 0.00000000 4.29855344 0.00000000 0.00000000 1,000.00000000
K 929766MH3 1,000.00000000 0.00000000 4.29855313 0.00000000 0.00000000 1,000.00000000
L 929766MJ9 1,000.00000000 0.00000000 4.29855471 0.00000000 0.00000000 1,000.00000000
M 929766MK6 1,000.00000000 0.00000000 4.29855501 0.00000000 0.00000000 1,000.00000000
N 929766ML4 1,000.00000000 0.00000000 4.29855471 0.00000000 0.00000000 1,000.00000000
O 929766MM2 1,000.00000000 0.00000000 4.29855501 0.00000000 0.00000000 1,000.00000000
P 929766MN0 1,000.00000000 0.00000000 4.29855370 0.00000000 0.00000000 1,000.00000000
Z N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RI N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RII N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Beginnning Ending
Notional Interest Prepayment Notional
Class CUSIP Amount Distribution Penalties Amount
X-C 929766MP5 998.90076156 0.03924707 0.00000000 997.88307608
X-P 929766MQ3 1,000.00000000 0.72743237 0.00000000 1,000.00000000
Reconciliation Detail
Advance Summary
<s> <c>
P & I Advances Outstanding 0.00
Servicing Advances Outstanding 0.00
Reimbursement for Interest on P&I Advances 0.00
paid from general collections
Reimbursement for Interest on Servicing Advances 0.00
paid from general collections
Aggregate amount of Nonrecoverable Advances 0.00
Servicing Fee Summary
Current Period Accrued Servicing Fees 38,874.90
Less Delinquent Servicing Fees 0.00
Less Reductions to Servicing Fees 1,081.91
Plus Servicing Fees for Delinquent Payments Received 5,792.62
Plus Adjustments for Prior Servicing Calculation 0.00
Total Servicing Fees Collected 43,585.61
Certificate Interest Reconciliation
Class Accrued Net Aggregate Deferred Distributable Distributable Additional Interest Remaining Unpaid
Certificate Prepayment Interest Certificate Certificate Trust Fund Distribution Distributable
Interest Interest Shortfall Amount Interest Interest Expenses Certificate
Adjustment Interest
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 469,873.76 0.00 0.00 469,873.76 0.00 0.00 469,873.76 0.00
A-2 605,354.75 0.00 0.00 605,354.75 0.00 0.00 605,354.75 0.00
A-3 895,437.84 0.00 0.00 895,437.84 0.00 0.00 895,437.84 0.00
A-4 881,540.21 0.00 0.00 881,540.21 0.00 0.00 881,540.21 0.00
X-C 38,236.00 0.00 0.00 38,236.00 0.00 0.00 38,236.00 0.00
X-P 582,638.41 0.00 0.00 582,638.41 0.00 0.00 582,638.41 0.00
B 122,509.84 0.00 0.00 122,509.84 0.00 0.00 122,509.84 0.00
C 54,792.59 0.00 0.00 54,792.59 0.00 0.00 54,792.59 0.00
D 115,496.62 0.00 0.00 115,496.62 0.00 0.00 115,496.62 0.00
E 56,132.19 0.00 0.00 56,132.19 0.00 0.00 56,132.19 0.00
F 68,050.41 0.00 0.00 68,050.41 0.00 0.00 68,050.41 0.00
G 52,347.79 0.00 0.00 52,347.79 0.00 0.00 52,347.79 0.00
H 68,050.41 0.00 0.00 68,050.41 0.00 0.00 68,050.41 0.00
J 31,409.53 0.00 0.00 31,409.53 0.00 0.00 31,409.53 0.00
K 26,173.89 0.00 0.00 26,173.89 0.00 0.00 26,173.89 0.00
L 20,938.26 0.00 0.00 20,938.26 0.00 0.00 20,938.26 0.00
M 10,471.28 0.00 0.00 10,471.28 0.00 0.00 10,471.28 0.00
N 20,938.26 0.00 0.00 20,938.26 0.00 0.00 20,938.26 0.00
O 10,471.28 0.00 0.00 10,471.28 0.00 0.00 10,471.28 0.00
P 52,349.05 0.00 0.00 52,349.05 0.00 0.00 52,349.05 0.00
Z 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 4,183,212.37 0.00 0.00 4,183,212.37 0.00 0.00 4,183,212.37 0.00
Other Required Information
<s> <c>
Available Distribution Amount (1) 5,174,680.54
Aggregate Number of Outstanding Loans 54
Aggregate Stated Principal Balance of Loans Before Distribution 973,167,373.67
Aggregate Stated Principal Balance of Loans After Distribution 972,175,905.50
Aggregate Unpaid Principal Balance of Loans 972,175,905.50
Aggregate Amount of Servicing Fee 43,585.61
Aggregate Amount of Special Servicing Fee 0.00
Aggregate Amount of Trustee Fee 2,027.43
Aggregate Trust Fund Expenses 0.00
Interest Reserve Deposit 0.00
Interest Reserve Withdrawal 0.00
Specially Serviced Loans not Delinquent
Number of Outstanding Loans 0
Aggregate Unpaid Principal Balance 0.00
(1) The Available Distribution Amount includes any Prepayment Premiums .
Appraisal Reduction Amount
Appraisal Cumulative Date Appraisal
Loan Reduction ASER Reduction
Number Amount Amount Effected
NONE
Cash Reconciliation Detail
<s> <c> <c>
Total Funds Collected
Interest:
Scheduled Interest 4,223,032.81
Interest reductions due to Nonrecoverability Determinations 0.00
Interest Adjustments 0.00
Deferred Interest 0.00
Net Prepayment Interest Shortfall 0.00
Net Prepayment Interest Excess 0.00
Extension Interest 0.00
Interest Reserve Withdrawal 0.00
Total Interest Collected 4,223,032.81
Principal:
Scheduled Principal 991,468.15
Unscheduled Principal 0.00
Principal Prepayments 0.00
Collection of Principal after Maturity Date 0.00
Recoveries from Liquidation and Insurance Proceeds 0.00
Excess of Prior Principal Amounts paid 0.00
Curtailments 0.00
Negative Amortization 0.00
Principal Adjustments 0.00
Total Principal Collected 991,468.15
Other:
Prepayment Penalties/Yield Maintenance 0.00
Repayment Fees 0.00
Borrower Option Extension Fees 0.00
Equity Payments Received 0.00
Net Swap Counterparty Payments Received 0.00
Total Other Collected: 0.00
Total Funds Collected 5,214,500.96
Total Funds Distributed
Fees:
Master Servicing Fee 38,874.90
Trustee Fee 2,027.43
Certificate Administration Fee 0.00
Insurer Fee 0.00
Miscellaneous Fee (1,081.91)
Total Fees 39,820.42
Additional Trust Fund Expenses:
Reimbursement for Interest on Advances 0.00
ASER Amount 0.00
Special Servicing Fee 0.00
Rating Agency Expenses 0.00
Attorney Fees & Expenses 0.00
Bankruptcy Expense 0.00
Taxes Imposed on Trust Fund 0.00
Non-Recoverable Advances 0.00
Other Expenses 0.00
Total Additional Trust Fund Expenses 0.00
Interest Reserve Deposit 0.00
Payments to Certificateholders & Others:
Interest Distribution 4,183,212.37
Principal Distribution 991,468.17
Prepayment Penalties/Yield Maintenance 0.00
Borrower Option Extension Fees 0.00
Equity Payments Paid 0.00
Net Swap Counterparty Payments Paid 0.00
Total Payments to Certificateholders & Others 5,174,680.54
Total Funds Distributed 5,214,500.96
Ratings Detail
Original Ratings Current Ratings (1)
Class CUSIP Fitch Moody's S&P Fitch Moody's S&P
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 929766LV3 X Aaa AAA X Aaa AAA
A-2 929766LW1 X Aaa AAA X Aaa AAA
A-3 929766LX9 X Aaa AAA X Aaa AAA
A-4 929766LY7 X Aaa AAA X Aaa AAA
X-C 929766MP5 X Aaa AAA X Aaa AAA
X-P 929766MQ3 X Aaa AAA X Aaa AAA
B 929766LZ4 X Aa2 AA X Aa2 AA
C 929766MA8 X Aa3 AA- X Aa3 AA-
D 929766MB6 X A2 A X A2 A
E 929766MC4 X A3 A- X A3 A-
F 929766MD2 X Baa1 BBB+ X Baa1 BBB+
G 929766ME0 X Baa2 BBB X Baa2 BBB
H 929766MF7 X Baa3 BBB- X Baa3 BBB-
J 929766MG5 X Ba1 BB+ X Ba1 BB+
K 929766MH3 X Ba2 BB X Ba2 BB
L 929766MJ9 X Ba3 BB- X Ba3 BB-
M 929766MK6 X B1 B+ X B1 B+
N 929766ML4 X B2 B X B2 B
O 929766MM2 X B3 B- X B3 B-
P 929766MN0 X NR NR X NR NR
Z N/A X NR NR X NR NR
<FN>
NR - Designates that the class was not rated by the above agency at the
time of original issuance.
X - Designates that the above rating agency did not rate any classes in this
transaction at the time of original issuance.
N/A - Data not available this period.
1) For any class not rated at the time of original issuance by any particular
rating agency, no request has been made subsequent to issuance to obtain rating
information, if any, from such rating agency. The current ratings were obtained
directly from the applicable rating agency within 30 days of the payment date
listed above. The ratings may have changed since they were obtained. Because the
ratings may have changed, you may want to obtain current ratings directly from
the rating agencies.
Fitch, Inc.
One State Street Plaza
New York, New York 10004
(212) 908-0500
Moody's Investors Service
99 Church Street
New York, New York 10007
(212) 553-0300
Standard & Poor's Rating Services
55 Water Street
New York, New York 10041
(212) 438-2430
</FN>
Current Mortgage Loan and Property Stratification Tables
Scheduled Balance
% Of
Scheduled # of Scheduled Agg. WAM Weighted
Balance Loans Balance Bal. (2) WAC Avg DSCR(1)
<s> <c> <c> <c> <c> <c> <c>
2,000,000 or Less 7 9,448,066.79 0.97 114 6.4437 1.690750
2,000,001 to 3,000,000 7 18,682,083.00 1.92 160 5.9627 1.406217
3,000,001 to 4,000,000 5 16,579,411.93 1.71 137 5.6393 1.378539
4,000,001 to 5,000,000 4 17,870,624.18 1.84 117 5.9811 1.260952
5,000,001 to 6,000,000 1 5,260,640.92 0.54 118 6.0100 1.350000
6,000,001 to 7,000,000 1 6,420,000.00 0.66 81 5.1200 2.860000
7,000,001 to 8,000,000 2 15,656,942.14 1.61 118 5.2153 1.592111
8,000,001 to 9,000,000 5 42,566,679.82 4.38 98 5.6369 1.643684
9,000,001 to 10,000,000 0 0.00 0.00 0 0.0000 0.000000
10,000,001 to 15,000,000 7 89,071,378.10 9.16 107 5.5567 1.437586
15,000,001 to 20,000,000 3 54,040,099.03 5.56 85 5.5820 1.425875
20,000,001 to 25,000,000 1 20,139,013.61 2.07 117 5.4600 1.800000
25,000,001 to 30,000,000 1 28,100,000.00 2.89 55 4.5200 3.420000
30,000,001 to 35,000,000 1 31,877,884.53 3.28 57 4.3700 2.460000
35,000,001 to 40,000,000 1 38,000,000.00 3.91 118 6.4500 1.220000
40,000,001 to 55,000,000 2 95,411,414.39 9.81 96 4.6889 1.904555
55,000,001 or Greater 6 483,051,667.06 49.69 81 4.7923 1.926956
Totals 54 972,175,905.50 100.00 90 5.0804 1.833784
State(3)
% Of
# of Scheduled Agg. WAM Weighted
State Props Balance Bal. (2) WAC Avg DSCR(1)
<s> <c> <c> <c> <c> <c> <c>
Alabama 3 16,646,970.24 1.71 116 5.8937 1.350000
Arizona 4 172,582,735.34 17.75 61 4.3831 2.010300
Arkansas 1 20,139,013.61 2.07 117 5.4600 1.800000
California 7 89,289,449.24 9.18 115 6.0921 1.407392
Colorado 1 3,490,333.17 0.36 117 5.8500 1.300000
Connecticut 1 3,000,000.00 0.31 118 5.9000 1.960000
Florida 6 95,240,096.95 9.80 93 4.5976 2.041185
Georgia 1 14,432,529.80 1.48 116 4.9000 1.290000
Idaho 1 17,887,500.00 1.84 70 5.3200 1.540000
Illinois 2 59,904,455.96 6.16 120 5.2246 2.376831
Maryland 1 42,886,136.75 4.41 117 6.0300 1.310000
Michigan 4 97,230,771.85 10.00 62 4.6583 1.806746
Minnesota 1 911,567.77 0.09 49 7.9000 2.610000
New Jersey 1 8,976,448.41 0.92 117 6.0800 1.210000
New York 2 113,600,000.00 11.69 101 5.2576 2.050194
North Carolina 2 3,736,756.13 0.38 117 6.1200 1.370000
Oklahoma 1 1,822,642.91 0.19 178 6.1500 1.160000
Oregon 2 10,841,679.93 1.12 150 4.9122 1.579228
Pennsylvania 1 65,766,694.43 6.76 81 4.7364 1.970000
South Carolina 2 5,607,662.65 0.58 178 6.3279 1.242047
Tennessee 1 1,996,414.11 0.21 118 6.0900 1.550000
Texas 5 73,744,349.96 7.59 84 5.0957 1.802050
Utah 1 545,551.77 0.06 57 6.7500 3.930000
Virginia 1 18,000,000.00 1.85 70 5.3200 1.510000
Washington 2 13,885,443.91 1.43 57 5.2000 1.470000
Washington,DC 1 7,984,429.44 0.82 118 5.7200 1.450000
Wisconsin 1 12,026,271.17 1.24 114 5.4500 1.820000
Totals 56 972,175,905.50 100.00 90 5.0804 1.833784
Debt Service Coverage Ratio(1)
Debt Service # of Scheduled % of Weighted
Coverage Ratio Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
1.14 or Less 0 0.00 0.00 0 0.0000 0.000000
1.15 to 1.19 3 7,077,294.68 0.73 201 5.7481 1.179327
1.20 to 1.24 8 91,787,598.36 9.44 121 6.1827 1.222676
1.25 to 1.29 4 22,505,634.50 2.31 114 5.4960 1.284837
1.30 to 1.34 4 57,588,740.93 5.92 117 5.9825 1.309913
1.35 to 1.39 6 38,818,683.35 3.99 116 5.8875 1.359119
1.40 to 1.44 1 2,829,727.92 0.29 237 5.0700 1.430000
1.45 to 1.49 4 33,669,014.53 3.46 92 5.5237 1.460400
1.50 to 1.54 2 35,887,500.00 3.69 70 5.3200 1.524953
1.55 to 1.59 3 22,314,251.98 2.30 103 5.5503 1.563111
1.60 to 1.64 1 85,500,000.00 8.79 116 5.5000 1.600000
1.65 to 1.69 2 5,177,713.00 0.53 116 5.8414 1.677308
1.70 to 1.79 1 7,672,512.70 0.79 117 4.6900 1.740000
1.80 to 1.84 2 32,165,284.78 3.31 116 5.4563 1.807478
1.85 to 1.89 2 144,473,421.41 14.86 65 4.7120 1.873919
1.90 to 1.99 3 198,259,274.23 20.39 66 4.4428 1.963317
2.00 to 2.99 6 157,803,701.36 16.23 87 4.5291 2.452777
3.0 or Greater 2 28,645,551.77 2.95 55 4.5625 3.429713
Totals 54 972,175,905.50 100.00 90 5.0804 1.833784
Property Type
Property # of Scheduled % of Weighted
Type Props Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
Lodging 1 57,818,971.42 5.95 118 5.2020 2.420000
Mixed Use 4 41,661,276.45 4.29 74 4.9536 2.793385
Multi-Family 2 19,984,429.44 2.06 118 5.7879 1.323902
Office 11 231,927,334.28 23.86 106 5.6925 1.479383
Other 1 2,085,484.54 0.21 178 5.8500 1.180000
Retail 36 613,959,145.66 63.15 82 4.8083 1.870510
Self Storage 1 4,739,263.71 0.49 117 6.6800 1.270000
Totals 56 972,175,905.50 100.00 90 5.0804 1.833784
Note Rate
Note # of Scheduled % of Weighted
Rate Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
3.593 or Less 0 0.00 0.00 0 0.0000 0.000000
3.594 to 5.249 14 564,234,301.70 58.04 74 4.5560 2.096466
5.250 to 5.499 6 75,694,684.82 7.79 99 5.3925 1.620646
5.500 to 5.749 7 119,878,338.37 12.33 112 5.5443 1.636138
5.750 to 5.999 10 74,138,554.46 7.63 119 5.8701 1.380419
6.000 to 6.249 10 88,439,725.72 9.10 118 6.0650 1.290416
6.250 to 6.499 3 42,879,890.04 4.41 126 6.4440 1.239345
6.500 to 6.749 1 4,739,263.71 0.49 117 6.6800 1.270000
6.750 to 6.999 1 545,551.77 0.06 57 6.7500 3.930000
7.000 to 7.249 1 714,027.14 0.07 58 7.1000 1.260000
7.250 to 7.999 1 911,567.77 0.09 49 7.9000 2.610000
Totals 54 972,175,905.50 100.00 90 5.0804 1.833784
Age of Most Recent NOI
Age of Most # of Scheduled % of Weighted
Recent NOI Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
Underwriter's Information 54 972,175,905.50 100.00 90 5.0804 1.833784
1 Year of Less 0 0.00 0.00 0 0.0000 0.000000
1 to 2 Years 0 0.00 0.00 0 0.0000 0.000000
2 years or Greater 0 0.00 0.00 0 0.0000 0.000000
Totals 54 972,175,905.50 100.00 90 5.0804 1.833784
Anticipated Remaining Term (ARD and Balloon Loans)
Anticipated # of Scheduled % of Weighted
Remaining Term(2) Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
60 Months or Less 9 301,635,171.97 31.03 57 4.4724 2.124740
61 to 84 Months 7 226,154,034.57 23.26 78 4.6539 1.983848
85 to 108 Months 0 0.00 0.00 0 0.0000 0.000000
109 to 120 Months 33 431,491,827.56 44.38 117 5.7086 1.569511
121 to 168 Months 0 0.00 0.00 0 0.0000 0.000000
169 to 180 Months 0 0.00 0.00 0 0.0000 0.000000
181 to 228 Months 0 0.00 0.00 0 0.0000 0.000000
229 to 240 Months 0 0.00 0.00 0 0.0000 0.000000
241 Months or Greater 0 0.00 0.00 0 0.0000 0.000000
Totals 49 959,281,034.10 98.67 89 5.0712 1.841778
Remaining Stated Term (Fully Amortizing Loans)
Remaining # of Scheduled % of Weighted
Stated Term Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
60 Months or Less 0 0.00 0.00 0 0.0000 0.000000
61 to 84 Months 0 0.00 0.00 0 0.0000 0.000000
85 to 108 Months 0 0.00 0.00 0 0.0000 0.000000
109 to 120 Months 0 0.00 0.00 0 0.0000 0.000000
121 to 156 Months 0 0.00 0.00 0 0.0000 0.000000
157 to 180 Months 2 3,908,127.45 0.40 178 5.9899 1.170673
181 to 192 Months 0 0.00 0.00 0 0.0000 0.000000
193 to 216 Months 0 0.00 0.00 0 0.0000 0.000000
217 Months or Greater 3 8,986,743.95 0.92 235 5.6595 1.268895
Totals 5 12,894,871.40 1.33 217 5.7596 1.239126
Remaining Amortization Term (ARD and Balloon Loans)
Remaining # of Scheduled % of Weighted
Amortization Term Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
Interest Only 3 42,770,000.00 4.40 59 4.8087 3.200917
180 Months or Less 1 714,027.14 0.07 58 7.1000 1.260000
181 to 192 Months 0 0.00 0.00 0 0.0000 0.000000
193 to 228 Months 1 911,567.77 0.09 49 7.9000 2.610000
229 to 264 Months 1 545,551.77 0.06 57 6.7500 3.930000
265 to 300 Months 11 237,299,783.11 24.41 84 4.9784 1.945122
301 to 348 Months 0 0.00 0.00 0 0.0000 0.000000
349 Months or Greater 32 677,040,104.31 69.64 92 5.1131 1.717593
Totals 49 959,281,034.10 98.67 89 5.0712 1.841778
Seasoning
# of Scheduled % of Weighted
Seasoning Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
12 Months or Less 51 970,004,758.82 99.78 91 5.0753 1.832298
13 to 24 Months 0 0.00 0.00 0 0.0000 0.000000
25 to 36 Months 0 0.00 0.00 0 0.0000 0.000000
37 Months or Greater 3 2,171,146.68 0.22 54 7.3479 2.497705
Totals 54 972,175,905.50 100.00 90 5.0804 1.833784
<FN>
(1)The Trustee makes no representations as to the accuracy of the data provided
by the borrower for this calculation. "NAP" means not applicable and relates to
the omission of credit lease loans in the calculation of DSCR.
(2)Anticipated Remaining Term and WAM are each calculated based upon the term
from the current month to the earlier of the Anticipated Repayment Date, if
applicable, and the maturity date.
(3)Data in this table was calculated by allocating pro-rata the current loan
information to the properties based upon the Cut-off Date Balance of the related
mortgage loan as disclosed in the offering documents.
</fn>
Mortgage Loan Detail
Loan Property Interest Principal Gross
Number ODCR Type(1) City State Payment Payment Coupon
<s> <c> <c> <c> <c> <c> <c> <c>
502784429 1 RT TUCSON AZ 475,625.96 164,657.18 4.260%
502770582 2 RT OKEMOS MI 331,540.09 161,376.85 4.520%
316000006 3 OF NEW YORK NY 391,875.00 0.00 5.500%
819000004 4 RT LANCASTER PA 268,540.58 75,205.84 4.736%
819000005 5 LO CHICAGO IL 259,387.72 86,535.43 5.202%
502769026 6 RT BEAUMONT TX 236,772.93 96,775.57 5.010%
819000007 7 RT JACKSONVILLE FL 162,798.33 77,985.05 3.594%
719000008 8 RT OXON HILL MD 222,871.97 35,764.71 6.030%
502776911 9 OF LONG BEACH CA 211,058.33 0.00 6.450%
819000010 10 RT CHANDLER AZ 120,107.15 39,569.77 4.370%
819000011 11 MU NEW YORK NY 109,371.44 0.00 4.520%
502778931 12 OF LITTLE ROCK AR 94,778.18 19,408.76 5.460%
719000013 13 OF MISSION VIEJO CA 95,429.63 14,861.42 6.100%
719000014 14 OF RICHMOND VA 82,460.00 0.00 5.320%
719000015 15 OF BOISE ID 81,944.63 0.00 5.320%
502760619 16 RT KENNESAW GA 60,964.73 15,990.64 4.900%
502787011 17 RT CHINO CA 71,597.92 11,889.64 5.950%
719000018 18 OF Various WA 62,239.75 14,251.40 5.200%
819000019 19 RT MADISON WI 56,495.47 11,827.89 5.450%
502782701 20 MF MIAMI FL 60,274.33 0.00 5.833%
819000021 21 OF Birmingham AL 57,311.40 10,104.83 5.840%
719000022 22 RT TAMPA FL 57,663.21 9,808.53 5.880%
719000023 23 OF EATONTOWN NJ 47,035.37 7,387.95 6.080%
502769027 24 RT BEAUMONT TX 37,385.20 15,280.35 5.010%
502753407 25 RT SHERMAN OAKS CA 39,428.13 0.00 5.550%
502750707 26 RT NOGALES AZ 40,614.92 7,366.84 5.730%
502769507 27 MU PINELLAS PARK FL 41,105.30 10,878.58 5.830%
502783803 28 MF WASHINGTON DC 39,363.07 7,170.41 5.720%
819000029 29 RT PORTLAND OR 31,022.10 8,866.74 4.690%
502781625 30 RT FT. WALTON BEAC FL 27,392.00 0.00 5.120%
719000031 31 RT EUFAULA AL 27,260.26 6,758.89 6.010%
502780801 32 SS TAMPA FL 27,280.32 3,307.40 6.680%
502775216 33 RT LIVONIA MI 22,759.90 3,904.76 5.860%
819000034 34 MU BERKELEY CA 21,107.69 4,372.28 5.475%
502775215 35 RT NORTH MUSKEGO MI 20,970.36 3,597.74 5.860%
719000036 36 RT BERKELEY CA 17,608.48 3,466.39 5.640%
502773918 37 RT LONGMONT CO 17,597.92 3,050.01 5.850%
502783832 38 RT LUBBOCK TX 15,753.23 4,630.07 5.560%
719000039 39 RT NEWBERG OR 14,908.38 7,521.33 5.450%
502779418 40 RT LEANDER TX 14,745.76 2,732.49 5.680%
502783210 41 RT MILFORD CT 15,241.67 0.00 5.900%
719000042 42 RT SPARTANBURG SC 16,601.58 5,824.81 6.440%
719000043 43 RT LAKE HAVASU CITY AZ 15,845.31 3,759.74 6.150%
719000044 44 RT SACRAMENTO CA 12,383.17 6,653.92 5.070%
819000045 45 RT SUMTER SC 14,005.37 3,459.71 6.200%
502780910 46 RT ROCKINGHAM NC 11,455.30 2,747.56 6.120%
719000047 47 OT HARWOOD HEIGHT IL 10,541.42 7,105.77 5.850%
719000048 48 RT CORDOVA TN 10,478.07 1,628.91 6.090%
819000049 49 RT DALLAS TX 10,321.25 1,476.41 6.330%
719000050 50 RT MOORE OK 9,684.39 6,038.54 6.150%
502780909 51 RT RUTHERFORD COL NC 8,262.32 1,981.72 6.120%
719000052 52 MU ROCHESTER MN 6,211.00 1,441.03 7.900%
719000053 53 RT BIRMINGHAM MI 4,378.17 2,075.47 7.100%
719000054 54 RT SALT LAKE CITY UT 3,176.65 968.82 6.750%
Totals 4,223,032.81 991,468.15
Loan Anticipated Neg Beginning Ending Paid
Number Repayment Maturity Amort Scheduled Scheduled Thru
Date Date (Y/N) Balance Balance Date
<s> <c> <c> <c> <c> <c> <c>
502784429 10/11/2008 10/11/2033 N 129,657,237.00 129,492,579.80 01/11/2004
502770582 N/A 09/11/2008 N 88,019,493.90 87,858,117.05 01/11/2004
316000006 N/A 09/11/2013 N 85,500,000.00 85,500,000.00 01/11/2004
819000004 N/A 10/01/2010 N 65,841,900.27 65,766,694.43 01/01/2004
819000005 N/A 11/01/2013 N 57,905,506.85 57,818,971.42 01/01/2004
502769026 N/A 09/11/2010 N 56,712,079.93 56,615,304.36 01/11/2004
819000007 N/A 07/01/2010 N 52,603,262.69 52,525,277.64 01/01/2004
719000008 10/01/2013 10/01/2033 N 42,921,901.46 42,886,136.75 01/01/2004
502776911 11/11/2013 11/11/2033 N 38,000,000.00 38,000,000.00 01/11/2004
819000010 N/A 10/01/2008 N 31,917,454.30 31,877,884.53 01/01/2004
819000011 N/A 08/01/2008 N 28,100,000.00 28,100,000.00 01/01/2004
502778931 10/11/2013 10/11/2033 N 20,158,422.37 20,139,013.61 01/11/2004
719000013 09/01/2013 10/01/2033 N 18,167,460.45 18,152,599.03 01/01/2004
719000014 11/11/2009 11/11/2033 N 18,000,000.00 18,000,000.00 01/11/2004
719000015 11/11/2009 11/11/2033 N 17,887,500.00 17,887,500.00 01/11/2004
502760619 09/11/2013 09/11/2033 N 14,448,520.44 14,432,529.80 01/11/2004
502787011 N/A 10/11/2013 N 13,974,113.81 13,962,224.17 01/11/2004
719000018 10/11/2008 10/11/2033 N 13,899,695.31 13,885,443.91 01/11/2004
819000019 N/A 07/01/2013 N 12,038,099.06 12,026,271.17 01/01/2004
502782701 11/11/2013 11/11/2033 N 12,000,000.00 12,000,000.00 01/11/2004
819000021 N/A 08/01/2013 N 11,396,434.15 11,386,329.32 01/01/2004
719000022 N/A 11/11/2013 N 11,388,388.26 11,378,579.73 01/11/2004
719000023 N/A 10/01/2013 N 8,983,836.36 8,976,448.41 01/01/2004
502769027 N/A 09/11/2010 N 8,954,538.49 8,939,258.14 01/11/2004
502753407 10/11/2008 10/11/2013 N 8,250,000.00 8,250,000.00 01/11/2004
502750707 11/11/2013 11/11/2033 N 8,231,364.24 8,223,997.40 01/11/2004
502769507 11/11/2013 11/11/2028 N 8,187,854.45 8,176,975.87 01/11/2004
502783803 N/A 11/11/2013 N 7,991,599.85 7,984,429.44 01/11/2004
819000029 N/A 10/01/2013 N 7,681,379.44 7,672,512.70 01/01/2004
502781625 N/A 10/11/2010 N 6,420,000.00 6,420,000.00 01/11/2004
719000031 N/A 11/11/2013 N 5,267,399.81 5,260,640.92 01/11/2004
502780801 10/11/2013 10/11/2033 N 4,742,571.11 4,739,263.71 01/11/2004
502775216 N/A 11/11/2013 N 4,510,383.59 4,506,478.83 01/11/2004
819000034 N/A 07/01/2013 N 4,477,105.09 4,472,732.81 01/01/2004
502775215 N/A 11/11/2013 N 4,155,746.57 4,152,148.83 01/11/2004
719000036 N/A 04/01/2013 N 3,625,631.70 3,622,165.31 01/01/2004
502773918 10/11/2013 10/11/2033 N 3,493,383.18 3,490,333.17 01/11/2004
502783832 10/11/2013 10/11/2028 N 3,290,301.83 3,285,671.76 01/11/2004
719000039 N/A 02/11/2023 N 3,176,688.56 3,169,167.23 01/11/2004
502779418 11/11/2013 11/11/2033 N 3,014,806.95 3,012,074.46 01/11/2004
502783210 N/A 11/11/2013 N 3,000,000.00 3,000,000.00 01/11/2004
719000042 N/A 11/11/2023 N 2,993,673.61 2,987,848.80 01/11/2004
719000043 N/A 10/11/2013 N 2,992,033.35 2,988,273.61 01/11/2004
719000044 N/A 10/11/2023 N 2,836,381.84 2,829,727.92 01/11/2004
819000045 N/A 02/01/2013 N 2,623,273.56 2,619,813.85 01/01/2004
502780910 10/11/2013 10/11/2028 N 2,173,681.84 2,170,934.28 01/11/2004
719000047 N/A 11/11/2018 N 2,092,590.31 2,085,484.54 01/11/2004
719000048 N/A 11/11/2013 N 1,998,043.02 1,996,414.11 01/11/2004
819000049 N/A 08/01/2013 N 1,893,517.65 1,892,041.24 01/01/2004
719000050 N/A 11/11/2018 N 1,828,681.45 1,822,642.91 01/11/2004
502780909 10/11/2013 10/11/2028 N 1,567,803.57 1,565,821.85 01/11/2004
719000052 N/A 02/01/2008 N 913,008.80 911,567.77 01/01/2004
719000053 N/A 11/01/2008 N 716,102.61 714,027.14 01/01/2004
719000054 N/A 10/01/2008 N 546,520.59 545,551.77 01/01/2004
Totals 973,167,373.67 972,175,905.50
Appraisal Appraisal Res Mod
Loan Number Reduction Reduction Strat. Code
Date Amount (2) (3)
Totals 0.00
<FN>
(1) Property Type Code
SS- Self Storage
MF- Multi-Family
RT- Retail
HC- Health Care
IN- Industrial
WH- Warehouse
MH- Mobile Home Park
OF- Office
LO- Lodging
MU- Mixed Use
OT- Other
IW- Industrial/Warehouse
(2) Resolution Strategy Code
1- Modification
2- Foreclosure
3- Bankruptcy
4- Extension
5- Note Sale
6- DPO
7- REO
8- Resolved
9- Pending Return to Master Servicer
10- Deed In Lieu of Foreclosure
11- Full Payoff
12- Reps and Warranties
13- Other or TBD
(3) Modification Code
1- Maturity Date Extension
2- Amortization Change
3- Principal Write-Off
4- Combination
</FN>
<table>
Principal Prepayment Detail
<c> <s>
No Principal Prepayments this Period
</table>
Historical Detail
Delinquencies
Distribution 30-59 Days 60-89 Days 90 Days or More Foreclosure REO Modifications
Date # Balance # Balance # Balance # Balance # Balance # Balance
01/16/2004 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
12/17/2003 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
Prepayments
Distribution Curtailments Payoff
Date # Amount # Amount
01/16/2004 0 $0.00 0 $0.00
12/17/2003 0 $0.00 0 $0.00
Rate and Maturities
Distribution Next Weighted Avg. WAM
Date Coupon Remit
01/16/2004 5.080373% 5.031269% 90
12/17/2003 5.080157% 5.031055% 91
<FN>
Note: Foreclosure and REO Totals are excluded from the delinquencies aging
categories.
</FN>
Delinquency Loan Detail
NO DELINQUENT LOANS THIS PERIOD
<Table>
<caption>
<s> <c>
<FN>
(1) Status of Mortgage Loan
A- Payment Not Received But Still in Grace Period
B- Late Payment But Less Than 1 Month Delinquent
0- Current
1- One Month Delinquent
2- Two Months Delinquent
3- Three Or More Months Delinquent
4- Assumed Scheduled Payment (Performing Matured Balloon)
7- Foreclosure
9- REO
(2) Resolution Strategy Code
1- Modification
2- Foreclosure
3- Bankruptcy
4- Extension
5- Note Sale
6- DPO
7- REO
8- Resolved
9- Pending Return to Master Servicer
10- Deed In Lieu Of Foreclosure
11- Full Payoff
12- Reps and Warranties
13- Other or TBD
**Outstanding P & I Advances include the current period advance.
</FN>
Specially Serviced Loan Detail - Part 1
No Specially Serviced Loans this Period
Specially Serviced Loan Detail - Part 2
No Specially Serviced Loans this Period
Modified Loan Detail
No Modified Loans
Liquidated Loan Detail
No Liquidated Loans